in

SOL/USD bulls manage to break out of $90 and now are up against $100 psychological barrier

Cryptopolitan


TL;DR Breakdown

  • Solana has been trading bullishly in the last 24 hours
  • SOL/USD traded between a moderate range of $85 – $94.
  • The MACD histogram on our daily 4-hour Solana price analysis is indicating red 

Solana has been trading bullishly in the last 24 hours after undergoing a 35 percent increase. Therefore making our Solana price analysis bullish, where most indicators suggested positive momentum in the upcoming sessions. 

The bulls pushed the market price of the scalability solution token to an intraday high of $94. Buyers are holding intact to sustain the price above the $91 resistance leel as well as support a strong breakout to the upper psychological barrier lying at $100. 

The profit target for bulls lies between $85 – $95, which explains the press time struggle with this price zone. The 20-day EMA is sloping upwards, suggesting an advantage to the bulls and their ability to neutralize any selling pressure exerted by take-profit traders. 

SOL/USD 1-day price chart: Bullish momentum firms hold $2.80 support

Solana’s price action underwent a rapid advancement from the $58.38 mark almost 2-months ago and built strong support at $68 -; this support has been the basis of the $75 and $80 upswings. Now the bulls hae managed to flip another support at $82, which has enabled them to catapult the price towards $93. 

According to our Solana price analysis on the daily chart, SOL/USD attempted to rebound several times into the $90 region but was only met by rejection. The bulls were only able to counter the rejections on the recent 6-hour duration and set a solid price near $91. 

SOL/USD traded between a moderate range of $85 – $94. The range indicated a moderately distributed amount of volatility. Coin Market Cap recorded a 27.35 percent decrease in daily trading volume totaling $2.483 billion. Meanwhile, the total market capitalization went up by 13 percent to a sum of $27.11 billion.

4-hour Solana price analysis chart: Bullish signals on the 4-hour technicals

According to the 4-hour Solana price analysis, SOL/USD has the Bollinger short red upper limit, which is $93.5350, and the lower limit is $92.5275. The difference indicates quite a narrow range that signals low trading volumes in the next 24 hours. 

Meanwhile, the RSI is increasing from 66 and indicates that the bulls are in control at the moment. However, there is little room for the bulls to continue increasing momentum with the bit of range remaining on the upper levels of today’s signals.

Source: TradingView

Additionally, the MACD histogram on our daily 4-hour Solana price analysis is indicating red short bars. The short bars indicate the momentum might be on the bears’ side but won’t last for long.  Nonetheless, we do expect the bulls to regain momentum in the next few hours.

Solana price analysis Conclusion

The bulls only need to sustain Solana price above $82, and the price could break any overhead resistance near the psychological hurdle at $100. Bears have their main target lying towards the $58.38  and are already exerting lots of pullback pressure to break the bullish momentum. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Finding the Best PR and Marketing Agency for Your Blockchain, NFT, and DeFi Projects

Finding the Best PR and Marketing Agency for Your Blockchain, NFT, and DeFi Projects

Can These Surging Altcoins Compete With Ethereum? Glassnode Analyzes Three Growing Platforms

Can These Surging Altcoins Compete With Ethereum? Glassnode Analyzes Three Growing Platforms